Well that all depends . . . are you working with an agent or are you just working with the listing agent of this property and they are just a facilator for you in this transaction. If I was your agent, I would look up comparagle sold properties in the area and get an estimate of a new unit and new roof and then arrive at what you & I thought would be a good offer considering the information I gathered. I would then present your offer to the listing agent with your reasons for the amount of the offer attaching our findings for the agent to review with the seller when the offer was presented. Not all properties are the same or in the same condition.... more
To make sure that I am understanding this correctly: Did the contract expiration date go by while the sellers were waiting for the buyer to arrange their 2nd try at financing?
If so, then technically your contract is no longer valid and it is within the seller's rights to renegotiate the contract, including some type of non-refundable earnest money that they could use for whatever purpose they see fit.
In practice, this would be very unusual and it wouldn't be unreasonable for the buyer to simply refuse this request, especially if they are prepared to walk away from the deal.
If the contract has NOT expired and there was nothing addressed in the original contract regarding this situation, it just sounds like a a strange way to milk the buyer.
We'd need more details in order to answer your question and of course, you should always contact an attorney in any kind of contract dispute.... more